• TSX ends up 0.3% at 23,116.39
• Posts eighth straight day of gains
• Moves past record closing high set in July
• Materials sector leads gains

Aug 19 (Reuters) - Canada's main stock index rose to an all-time high on Monday, helped by gains for financial and metal mining shares, as investors awaited potential clues this week that the Federal Reserve could soon begin an interest rate cutting campaign.

The S&P/TSX composite index (.GSPTSE) , opens new tab ended up 61.78 points, or 0.3%, at 23,116.39, moving past the record closing high it set on July 31.

It was the eighth consecutive day of gains for the index, the longest such streak since April 2023.

"Big picture is the perception that the Fed will cut interest rates," said Lorne Steinberg, president of Lorne Steinberg Wealth Management. "That is underpinning everything. This is not just a Canadian story."

U.S. stocks also added to their recent gains. Fed Chair Jerome Powell's remarks at the Jackson Hole Economic Symposium, due on Friday, will be parsed for clues regarding the central bank's path from restrictive to neutral monetary policy.

Bank and energy pipeline stocks could particularly benefit from lower interest rates, Steinberg said, adding "the dividends are sustainable, the valuations are reasonable and lower interest rates means the dividends are more attractive."

Heavily weighted financials added 0.3%, while the materials group, which includes metal miners and fertilizer companies, was up 1.4%, helped by gold's recent move to a record high.

Shares of Alimentation Couche-Tard Inc (ATD.TO) , opens new tab fell 2.2% after the company sounded out Japan's Seven & i (3382.T) , opens new tab about a potential takeover.

Energy was also a drag, falling 0.5%, as the price of oil settled nearly 3% lower at $74.37 a barrel.

Canada's freight rail network could come to a grinding halt this week after Canadian National Railway (CNR.TO) , opens new tab and Canadian Pacific Kansas City (CP.TO) , opens new tab on Sunday issued lockout notices to the Teamsters union, which represents nearly 10,000 workers.

Shares of both railroads ended higher.

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https://www.reuters.com/markets/tsx-futures-rise-optimism-around-us-rate-cut-2024-08-19/